Demand Assessment : Nagpur

By Accommodation Times Research

Nagpur: This orange city set to taste real estate boom in upcoming years. Already existed and upcoming aviation, automobile and IT industry would create a great residential and commercial demand. Butibori Industrial estate, which is the largest in all of Asia in terms of area and Hingna industrial estate are comprised with automobile, power transmission, manufacturing, textile and other small units. According to Jones Lang LaSalle, the city would be the next favored destination for IT industry in Maharashtra after Mumbai and Pune. In future, the city will enjoy Rs 10,000 crore Special Economic Zone (SEZ) that already attracted some IT giants. The city’s most ambitious project is Multi-modal International Passenger and Cargo Hub Airport (MIHAN), which would be give boost to every segment of real estate- residential, commercial, hospitality and retail. Along with MIHAN, Boeing and other three aviation companies have shown will to set up their MRO at Nagpur. All national major real estate players have entered in Nagpur’s real estate arena. Companies like DLF, Parsvnath, Satyam Realities, Nagarjuna , Sahara city, Reatox Developers have started work for townships and shopping malls. BSEL with the his partner Unity Infrastructure Ltd has started developing six malls, multiplexes, star hotels, industrial and commercial park with gross built-up area 2.3 million sq ft with an about cost Rs 2750 crore. Reward Real Estate Company Ltd has began its ambitious project, which comprises information technology park, a 400 room five star hotel, shopping malls, multiplexes and 600 luxury residential apartments. DLF has acquired 153 acres of land from Maharashtra Airport Development Company (MADC) to build a hub for IT and IT enable services at SEZ. The company has an arrangement with the companies like GE, Nokia, Ericsson, and ABN Amro , under which these companies would buy space in the areas developed by it. Nagpur Housing has always been a preferred location for many homebuyers as well as leading housing companies in the state. The city is also important in India with the state-of-the art infrastructure and employment opportunities that have made it a popular housing destination for people from all over India. Rental services in Nagpur have been catering to the housing demand from students and professional who come to Nagpur too explore educational and career options. This is so to its central location, the city has also acquired a cosmopolitan culture. Many societies like Shankar Nagar, Giri Peth and Hanuman Nagar that offer rental accommodation in the city with good amenities.